Updated Two-Unit
For Sale
$129,900
239 Station Ave, Ridgecrest, CA 93555
Two studio residences with recent improvements, separate electric and gas service, and a fenced outdoor area.
Property Size800 SF
Price / SF$162.38
Days on Market13
Property Features for 239 Station Ave
General Information
Standard status
Active
Size
800 SF
Property subtype
Residential Income
Occupancy
100%
Units
Unit Mix
2 x studio
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
washer/dryer hookups
fenced yard
Building Details
Tenancy
Multi
Listing Agency:
TNT Western Homes Inc.
(760) 382-9515
Listed By:
Sara Rizzardini · License #01460361
(760) 382-9515
Source:
Exprealty
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 2:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of TNT Western Homes Inc.
Investment Insights
Based on property information with market context.
This duplex contains two separate studio units within an approximately 800-square-foot property. The front residence received a kitchen renovation in 2021, including cabinets, countertops, appliances, and new flooring in the kitchen and living area. Its refrigerator was replaced in September 2024, and the bathroom was remodeled in 2025. Both units have washer and dryer hookups designed for stacked appliances, while the roof serving both units was replaced in 2024.
The property also includes a small fenced yard and a third structure currently used for storage. One water meter serves the property, with separate electric and gas meters. Both residences are occupied under month-to-month leases, and the current tenants have expressed interest in remaining long term. The property is located at 239 Station Ave in Ridgecrest, California. Offers are contingent on an interior inspection, and tenant privacy is requested.
The property also includes a small fenced yard and a third structure currently used for storage. One water meter serves the property, with separate electric and gas meters. Both residences are occupied under month-to-month leases, and the current tenants have expressed interest in remaining long term. The property is located at 239 Station Ave in Ridgecrest, California. Offers are contingent on an interior inspection, and tenant privacy is requested.
Key Highlights
- Two separate studio units on an approximately 800‑square‑foot property
- Roof serving both units replaced in 2024
- Front unit kitchen updated in 2021; bathroom remodeled in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,985
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$199,700
$199.7K
Cap Rate 7%
$142,643
$142.6K
Cap Rate 9%
$110,944
$110.9K
Market Conditions
NOI Build-Up for 800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$14.7K $18.36/SF
− Vacancy
−$423 −$0.53/SF
EGI
$14.3K $17.83/SF
− OpEx
−$4.3K −$5.35/SF
NOI
$10.0K $12.48/SF
Area
Kern County, CA
Vacancy
2.88%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$199,700
Cap Rate 7%
$142,643
Cap Rate 9%
$110,944
Alternative Uses
Best Use
Multifamily LT 5
$142.6K
$124.8K – $166.4K
NOI $9,985 @ 7.0% cap · market cap 7.69%
Second Best
Apartment 5plus
$131.7K
$115.2K – $153.6K
NOI $9,216 @ 7.0% cap · market cap 7.09%
Theoretical Best
Warehouse
$170.9K
$149.5K – $199.4K
NOI $11,963 @ 7.0% cap · market cap 9.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 93555, CA
32,810
Population
14,401
Households
2.3
Avg Household Size
37
Median Age
31%
College-Educated
91%
High-School Grad
78.1 sq mi
ZIP Area
420
Density / Sq Mi
$84,141
Median Household Income
$50,198
Median Earnings
$1,180
Median Rent
$235,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two studio residences with recent improvements, separate electric and gas service, and a fenced outdoor area.
Where is this duplex located?
The property is located at 239 Station Ave Ridgecrest, CA.
What is the asking price?
The asking price for this property is $129,900.
What are key features of this property?
This property features: Two separate studio units on an approximately 800‑square‑foot property; Roof serving both units replaced in 2024; Front unit kitchen updated in 2021; bathroom remodeled in 2025
